@ Close S&P 500 in oversold territory ???

Close was a downer AGAIN in all indices......

RSI in S&P 500 is @ 49.80.....below 50 it is in "buy zone"

Many negatives impacted Tuesday's close:

-US$ strength

-Gold Down

-Oil Down

-Greece credit rating downgrade

-Dubai credit rating downgrade

-Warning of credit downgrade for US & UK

That was enough to sink European exchange closing Down 1.6% on average.....

US closing was much healthier by being down max 1%....

Are we done "reacting to above negatives"....PROBABLY...

S&P 500 closed @ 1091.94...50 DMA is @ 1079.65...only 12.29 points away from MAJOR support.....

This is a market where staying in quality stocks have paid very well....staying in your stocks while markets are trying to find support should work ...this time also.....

I am extremely "reluctant to book profit now" as I feel the stocks I have should move much HIGHER going forward....in 4 out of my 6 stocks ..i have decent profit...BUT i am staying put & riding out this correction.....just my strategy..you have to find your OWN comfort level.....

AH TXN updated guidance was taken as negative..Down AH 1.79%on AH volume of 302,175...

AH Nikkei Down 1.34%

AH Futures are mixed

AH Oil UP

AH Gold & Silver down

VIX closed @ 23.69 UP 7.19%..@ upper end of range...thus a reversal in stock market.....

BLOG does NOT give buy or sell.

Saleem